https://www.taxtmi.com/caselaws?id=297463 Actuarial valuation governs computation of surplus in life insurance business under section 44 and the First Schedule, so negative reserves arising in that valuation cannot be separately brought to tax as business income. Exemption of pension fund income under section 10(23AAB) does not remove the pension business from the statutory actuarial computation, and the related loss remains relevant in determining surplus. Applying earlier Tribunal decisions, the Assessing Officer cannot split out either item from the actuarial result, and the Revenue's objections were rejected. en-us Wed, 09 Aug 2017 00:00:00 +0530 Mon, 06 Sep 2021 13:10:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297463 Actuarial valuation governs computation of surplus in life insurance business under section 44 and the First Schedule, so negative reserves arising in that valuation cannot be separately brought to tax as business income. Exemption of pension fund income under section 10(23AAB) does not remove the pension business from the statutory actuarial computation, and the related loss remains relevant in determining surplus. Applying earlier Tribunal decisions, the Assessing Officer cannot split out either item from the actuarial result, and the Revenue's objections were rejected. Case-Laws Income Tax Wed, 09 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297463